As another poster suggested, if you are sure there is plenty of equity and you have the ability buy out the 1st. 

I believe if you rent it to your children for substantially under market you may lose your ability for certain tax benefits as an investment property.

If you could flip a couple of properties every year this would really speed up your ability to acquire new properties!

Doesn't seem that way on the surface, doesn't make it a bad deal necessarily depending on your goals, but I wouldn't purchase something unless I felt I could add equity or have the ability to sell it for more than I bought it the next day...

Ma'am,I would hire a good real estate agent and let them represent you to the bank.If you're not sure who owns the note on the house.do a title search and get all the information you need like how much is owed at this point.Then have the agent run comps to see what the home is worth as of now and after any repairs have been made.Arm yourself with complete information about the situation including your ability to get a loan by getting pre-qualified before your agent speaks to the bank.The bank officials are more apt to listen to your story if you have a pre-qualifying document that shows you are derived

I believe there are ways you can include many of these elements in the lease but I am unsure as of this writing. 

With those I get the cash flow, tax advantages, appreciation, and ability to sell at a later date and defer taxes.

I see so many people who want it so bad, and they have lots of motivation, but no ability to live until they get there.

Flying drones and filming adds a special element to the listing and sets me apart from the competition.

I'd suggest focusing on wholesaling off-market properties because a Realtor not going let a buyer tie up a property that they have no intention/ability to close (which is the way it should be).